With the economy in such dire straits, many people are looking to different types of loans to take care of their bills while searching for second jobs. Personal loans are loans made directly to the borrower from a bank or lending house. Covering everything from medical bills to credit cards to student loans, these loans are helping people get what they need, when they need it. While there are many different types of personal loans, the can all be categorized as one of two different types: secured and unsecured. Which type of loan you get is dependent on what you will be using the money for. Some loans are available in both secured and unsecured options, while others are only found as one or the other.
Secured personal loans are provided by specific lenders, and have their repayment secured by a physical item. This is how they get their classification. The two most common types of secured loans are home mortgages and car loans. The loans are made specifically for a single purchase. This purchase is repaid in set amounts every month over the length of the loan. If payments are ceased, the lender repossesses the item – the car or the house – in lieu of payment. In contrast, Unsecured Personal Loans are the more common and the more recognizable. Unsecured loans cover a vast majority of ground, from store lines of credit to student loans to medical bills. Once these loans are issued, they can be used for a range of items and services. In addition, many unsecured loans have variable interest rates that can change monthly or annually.
For people who need extra money to pay for a car or a college education, personal loans are available to help fund their needs lenders are available for all credit situations.
Q. I recently applied for a small bank loan to pay off some credit card debt. As is their usual practice, the bank pulled my credit report and, according to them, my credit score was 500. However, when I pulled my credit report via TransUnion, it showed my score to be more than 200 points higher. Why would there be such a difference? How do I know which report is most accurate? CC, Langhorne
A. As you may be aware, there are three national credit bureaus: Equifax, Experian and TransUnion. You can obtain your credit score through any one of these bureaus. The score from each organization is based solely...
If you could choose to either operate RadioShack, or not do that, which one would you choose? I suppose financial analysis might inform your choice.Being pretty generous to RadioShack, here are somenumbers:
Once upon a time, operating RadioShack was a profitable business. But for the last two years, give or take, it has been a terrible business.For the first 10months of 2014, just operating the stores has lost RadioShack something like $920,000...
Michael S. Gordon has a broad range of commercial litigation experience, and regularly represents clients in state and federal courts, as well as in arbitration and mediation proceedings, in New York, New Jersey and throughout the United States. Mr. Gordon has substantial experience in real estate and secured lending litigation, representing developers, management and hospitality companies, banks and private equity funds. Mr. Gordon also has extensive experience handling all types of business disputes including breach of contract, business torts, partnership and corporate shareholder...
OakNorth Bank will offer short-term working capital loans and term loans as flexible capital to growing small- to medium-sized enterprises. It will also accept multiple collateral types rather than just property like much of the secured lending currently available from major banks.
The challenger bank will use advanced financial technology to enable short-term working capital loans to be accessed within shorter timeframes.
Term loans will be offered through relationship managers at regional offices, initially in Manchester and London.
OakNorth is founded and backed by Rishi Khosla and Joel Perlman. The pair are currently transitioning out of Copal Amba, an outsource research...
In a word, the Anthem Blue Cross data breach is Breach-aggedon.
The names, dates of birth, and Social Security numbers of up to 80 million people were in a database that was hacked by what appears to be a Chinese cyber-espionage ring. Anthem has said no medical information was accessed in the breach, but it remains unclear whether medical codes - which could contain clues to medical information - are involved.
Of all the data breaches I have seen, this is the one Im most concerned about because of the scope of the information taken, the amount of data involved and the sophistication of the people that breached Anthem, says Paul Stephens of the Privacy Rights Clearinghouse.
And welcome to TD Bank Groups First Quarter 2015 Investor Presentation. My name is Rudy Sankovic and I am the Head of Investor Relations for the Bank. We will begin todays presentation with remarks from Bharat Masrani, our CEO; after which Colleen Johnston, the Banks CFO will present our first quarter operating results. Mark Chauvin, our Chief Risk Officer, will then offer comments on credit quality; after which we will entertain questions from those present and from pre-qualified analysts and investors on the phone.
Also present today to answer your questions are Tim Hockey, Group Head - Canadian Banking, Auto Finance and Wealth Management; Mike Pedersen, Group...
If youre trying to get a mortgage, take out a car loan, open a new credit card, rent an apartment or even find a new job, theres one thing that can make or break the whole deal. Yep, Im talking about your credit report.
Do you know your credit score? Banks, loan companies, credit card companies, car dealerships, landlords and even your potential employers know it, and often make decisions based on it that affect your life. Not to mention that keeping an eye on your credit score can also help alert you to identity theft.
Most investors have, at some time in their lives, borrowed money to complete a real estate transaction. Generally speaking, they have not had the opportunity to sit on the other side of the desk and be a lender. But, private lending (http://summerlinam.com/) gives investors the ability to loan money secured by a real estate deed of trust, or mortgage. This promissory note or trust deed is a qualified investment through a self directed IRA pursuant to IRS tax laws.
The investment is made up of two parts: a promissory note and a deed of trust. The trust deed is a document that provides the collateral for the promissory...
One of the biggest questions vexing economists right now is why we havent seen a bigger pickup in US consumer spending. The price of oil has fallen dramatically in the past nine months. In addition, the employment situation has significantly improved in the past 18 months. And yet those improvements havent translated into a big boost in consumer spending.
To be sure, we have seen some improvement in consumer spending. The Bureau of Economic Analysis reported that real personal consumption expenditures rose 4.3% in the fourth quarter, which is well above the five-year average of 2.4%. However, if all the savings from the drop in the price of oil were spent, we know that real PCE would...